## **Society of Petroleum Engineers Europe Limited** 

Consolidated financial statements for the year ended 31 March 2025 

Registered number: 02778741 

Registered charity number: 1017482 




Annual report and financial statements for the year ended 31 March 2025 

## **Society of Petroleum Engineers Europe Limited** 

Registered number: 02778741 Registered charity number: 1017482 

## **Trustees** 

John Joseph Healy- resigned 30 June 2024 Michelle Boyd Steven Byrne – appointed 1 July 2024 Laura Ioana Precupanu Nicola Thomas Grigory Zarayskiy 

## **Company Secretary** 

John Joseph Healy – resigned 1 July 2024 Steven Byrne – appointed on 1 July 2024 

## **Registered Office** 

1 The Sanctuary Westminster London SW1P 3JT 


1 Society of Petroleum Engineers Europe Limited 



Annual report and financial statements for the year ended 31 March 2025 

## **Independent Auditors** 

RSM UK Audit LLP 25 Farringdon Street London, EC4A 4AB 

## **Bankers** 

Barclays Bank Pall Mall Corporate Group 50 Pall Mall London SW1A 1QA 

## **Solicitors** 

Lee Bolton Monier-Williams 1 The Sanctuary Westminster London SW1P 3JT 

## **Investment Advisors** 

Fidelity International 4 Cannon Street London EC4M 5AB 


## **Internal Auditors** 

Grant Thornton UK LLP 30 Finsbury Square London EC2A 1AG 

2 Society of Petroleum Engineers Europe Limited 



## Trustees’ report 

For the year ended 31 March 2025 

The Trustees, who are also the Directors, present their report for the purposes of Company Law together with the consolidated financial statements and independent auditor’s report for the year ended 31 March 2025. 

## **Trustees and their Interests** 

The Trustees, who are also the Directors, who served during the year were as follows: 

John Joseph Healy – resigned 1 July 2024 Michelle Boyd Steven Byrne – appointed 1 July 2024 Laura Ioana Precupanu Nicola Thomas Grigory Zarayskiy 

The Trustees are appointed on the recommendation of the Board of Directors of the parent undertaking and the existing Trustees and in accordance with the Companies Act 2006. 

## **Principal Officer and Company Secretary** 

Steven Byrne – CFO – appointed 1 July 2024 

John Joseph Healy – Human Resources Director and Company Secretary – resigned 1 July 2024 Grigory Zarayskiy – Director, European and Caspian Events 

## **Structure, Governance and Management** 

## **Governing Document** 

Society of Petroleum Engineers Europe Limited, company registration number: 2778741 and charity registration number: 1017482, is a private company limited by shares, which was incorporated on 6 January 1993 and commenced trading on 1 March 1993.  It is a subsidiary undertaking of Society of Petroleum Engineers (SPE) Inc, tax identification number 75-2001539, a charitable company incorporated and operating in the USA.  The objects of the Company are set out in its Memorandum and Articles of Association.  In February 1993, the Company was registered as a charity, with the purpose of aiding the dissemination of petroleum engineering knowledge through a variety of programmes including publications, specialist meetings, scholarships and internet-based services. 

3 Society of Petroleum Engineers Europe Limited 



Trustees’ report (continued) 

For the year ended 31 March 2025 

## **Appointment of Trustees** 

## **Trustees, Induction and Training** 

New Trustees are recruited from the Society’s membership and are identified by peer review.  A Trustee induction handbook is provided to new Trustees.  This handbook is divided into four units, designed to (1) safeguard the values and mission of the organisation; (2) determine the strategy and structure of the organisation; (3) ensure the organisation operates in a responsible and accountable manner; and (4) ensure the effective functioning of the board. Trustees are provided with ongoing training and support as required to enable them to fulfil their duties effectively. 

The Trustees of the board are not remunerated for the service that they provide to the Charity as Trustees of the board but where they fulfil other employment activities for the SPE group, they will receive remuneration from the Group. In such cases, remuneration is benchmarked against appropriate external data and reviewed by senior management, and if appropriate, the remuneration committee of SPE Inc on a regular basis. 

## **Organisation** 

The SPE Inc Board is comprised of the SPE International officers.   The SPE Inc Board is responsible for broad financial and operational oversight for the organisation. 

Each regional board, including the Board of Trustees of the Society of Petroleum Engineers Europe Limited, is comprised of Directors selected at-large from within the region. Having at-large Directors serving on those boards gives a broad-based representation that enhances the decisions of those boards.  The regional subsidiary boards have general fiduciary and operational oversight responsibility for the subsidiary operations. 

In summary, the responsibilities of the various governing bodies are as follows: 

- The SPE International Board is responsible for policy and programme development for the Society’s worldwide activities. 

- The SPE Inc Board has fiduciary and operational oversight responsibility for the entire organisation; and 

- The regional subsidiary boards have fiduciary and operational oversight responsibility for the subsidiary operations. 

The SPE Chief Executive Officer (CEO) together with the Chief Global Events Officer manages the worldwide staff operations.  Each subsidiary has an Events Director who oversees the regional operations.  The Events Directors report to the Chief Global Events Officer.  The Chief Executive Officer and Chief Global Events Officer work closely with the Society officers and each of the governing bodies in making decisions and setting direction.  Generally, the SPE International Board sets strategic direction and establishes policies after consultation with staff.  Additionally, staff consult with the appropriate governing body on major operational issues, but staff have responsibility for operational decisions and execution of board-approved programmes. 

4 Society of Petroleum Engineers Europe Limited 



Trustees’ report (continued) 

For the year ended 31 March 2025 

## **Strategic Report** 

## **Objectives and Activities** 

The objectives and principal activities of Society of Petroleum Engineers Europe Limited continue to be in line with the vision of SPE International, which is to “enable the global oil and gas E&P industry to share technical knowledge needed to meet the world’s energy needs in a safe and environmentally responsible manner”, which guides the overall mission “To connect a global community of engineers, scientists, and related energy professionals to exchange knowledge, innovate, and advance their technical and professional competence regarding the exploration, development and production of oil and gas and related energy resources to achieve a safe, secure and sustainable energy future.”. 

The Group achieves its objectives through a variety of programmes including publications, technical meetings, scholarships, educational programmes, training courses and web-based services. 

## **Public Benefit** 

In planning our activities to meet our objectives our Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit. 

The Society believes that the key aspects of public benefit will be achieved by: 

Development of the Exploration and Production (E&P) Industry workforce. SPE is the technical and professional home for those engaged in all aspects of the upstream oil and gas industry. All charitable activities focus on sharing of knowledge that keeps the E&P industry sustainable and are undertaken to further our charitable purpose to collect, disseminate, and exchange technical knowledge concerning the exploration, development and production of oil and gas resources, and related technologies for the public benefit. 

By addressing technical challenges, as the largest upstream professional society, SPE provides a worldwide forum for sharing technology, knowledge and the latest solutions for overcoming the technical challenges of finding and producing more oil and natural gas. SPE also helps address critical issues of the future such as sustainability of energy supplies and carbon sequestration. 

By preparing the next generation of energy professionals for careers in our industry, SPE’s programmes help by offering both professional and skill development through workshops, training courses, publications, Section activities and online mentoring. 

By working with schools and universities to attract more young people to our profession with scholarships, our global energy multilingual education outreach programme, Energy4me, the SPE Ambassador programme and teacher workshops and education events aimed at students and school children. 

By maintaining high professional standards by offering members continuing education options globally. SPE Petroleum Engineering Certification offers an international credential recognising petroleum engineering expertise. 

5 Society of Petroleum Engineers Europe Limited 



Trustees’ report (continued) 

For the year ended 31 March 2025 

## **Distinguished Lecturer Programme** 

The purpose of the programme is to provide SPE sections with outstanding speakers for section meetings, and to recognize the professional contributions of the selected Distinguished Lecturers. The programme selects a small group of members who -demonstrate exceptional knowledge relevant to the industry. These speakers are encouraged and supported to run their presentations by SPE for regional groups of members (Sections) around the world. 

The programme promotes SPE’s mission to connect a global community of engineers, scientists, and related energy professionals to exchange knowledge, innovate, and advance their technical and professional competence regarding the exploration, development, and production of oil and gas and related energy resources to achieve a safe, secure, and sustainable energy future. It is funded primarily by the SPE Foundation through member donations, as well as a contribution from Offshore Europe. SPE appreciates the companies that allow their professionals to serve as lecturers and the additional support from the SPE Foundation. 

## **Current Position and Future Strategy** 

The main objectives for the forthcoming year, as well as the Trustees’ assessment of the Group’s actual performance for this year, are set out below: 

## **Technical Meetings** 

In FY25, six events (conferences and workshops) were held in Europe and the Caspian, attended by SPE professional members, students and non-members. The same number of events occurred in FY25 as in FY24.  As we are now fully post-pandemic, there were no virtual events in FY25. The focus in FY25 was to drive effectiveness and efficiency of events we organise. 

In FY26, SPE Europe will continue to develop its portfolio of events with particular focus on energy transition, portfolio competitiveness and sustainability. Special focus is also on boosting our presence in Caspian region and solidifying the SPE’s role as a point of reference for the industry. 

6 Society of Petroleum Engineers Europe Limited 



Trustees’ report (continued) 

For the year ended 31 March 2025 

## **Educational Programmes** 

SPE continues to maintain and add information to the Society’s online resources and educational publications and services. 

## OnePetro 

OnePetro, a multi-society online library, contains over 1.3 million searchable documents from SPE as well as 23 other publishing partners.  OnePetro is supported by subscriptions from academic and corporate institutions as well as individual paper sales. The technical resources available on OnePetro continue to grow with peer-reviewed journal articles as well as proceedings from conferences held worldwide being added monthly. The majority of papers are in the English language; however, there are also papers available in the Russian and Spanish language. 

## Energy4Me 

The Energy4me programme provides STEM education for school-aged children and their teachers through regional workshops and local classroom visits. 700+ SPE members have been trained to lead workshops benefiting more than 6,000 students and teachers worldwide. The programme offers resources in multiple languages, including the Oil and Natural Gas Book and teacher lesson plans. 

## Training Courses 

Training courses are complementary to other events and are only held if there is sufficient minimal demand.  No training courses were held in FY25, but there are plans to hold training courses around some of the SPE Europe/Caspian events in FY26. 

## Scholarships and Fellowships 

Five named Scholarships and one Fellowship are awarded each year which and are managed by staff in the UK. This includes the SPE Foundation Gus Archie Scholarship (one winner receiving USD 5,000 for up to 4 years), The SPE Foundation Nico van Wingen Graduate Fellowship (one winner receiving USD 5,000 for up to 4 years), The Henry DeWitt Smith Memorial Fellowship (one winner single payment of USD 5,000) and the Imomoh Scholarship (four winners with a single payment of USD 2,000). 

From 2016, the Scholarships programme is administered by the Young Member Programmes Team based in the UK, though payments are processed by the SPE Foundation in the USA. 

7 Society of Petroleum Engineers Europe Limited 



Trustees’ report (continued) 

For the year ended 31 March 2025 

## Student Paper Contests 

Up to 14 regional contests aim to be run each year with the winners offered an expense paid trip to the SPE Annual Meeting to compete at an international level. Up to 42 winners (three per 14 regional contests) representing Undergraduate, master’s and PhD can be invited. Depending on engagement with the program in each region, some regional contests may be combined or cancelled resulting in fewer winners and prizes given. 

The winners are awarded funding to cover return flights to the international final at SPE Annual Meeting, four nights’ accommodation, event registration and VISA costs, if required. Winners of the international competition are awarded an additional financial prize of USD 1,000. This is administered processed by the Young Member Programs Team in UK, and payments processed from the USA. 

The Student Paper Contest program has an ongoing relationship with Chevron who financially support the program each year to a sum of USD 7,500. This amount is renegotiated each year, and other local sponsorship opportunities are available for the regional qualifier events. 

## Distinguished Lecture Programme 

The purpose of the programme is to provide SPE sections with outstanding speakers for section meetings, and to recognize the professional contributions of the selected Distinguished Lecturers. The programme selects a small group of members who can show exceptional presentations relevant to the industry. These speakers are encouraged and supported to run their presentations by SPE for regional groups of members (Sections) around the world. 

The programme promotes SPE’s mission to connect a global community of engineers, scientists, and related energy professionals to exchange knowledge, innovate, and advance their technical and professional competence regarding the exploration, development, and production of oil and gas and related energy resources to achieve a safe, secure, and sustainable energy future. It is funded primarily by the SPE Foundation through member donations, as well as a contribution from Offshore Europe. SPE appreciates the companies that allow their professionals to serve as lecturers and the additional support from the SPE Foundation. 

## Awards Programme 

With awards presented at a regional and international level SPE members achieve recognition amongst their peers within the industry. Individual members are nominated and judged to be recognized for technical achievements as well as outstanding contributions to members and the industry. 

## Certification Programme 

SPE's Petroleum Engineering Certification programme provides members with the opportunity to obtain a globally recognized credential as a petroleum industry professional. 

Certification exams continue to be held to provide an engineer qualification for those who choose to study hard for and take this multidisciplinary open book exam. High value is placed by the industry on those who can claim achievement of this qualification. 

8 Society of Petroleum Engineers Europe Limited 



Trustees’ report (continued) 

For the year ended 31 March 2025 

## **Sections** 

Sections are located around the world and provide an operating framework for all major society activities. Sections are semi-autonomous units and self-governing within the framework of SPE policies. Section members elect officers and directors annually. Sections are organized into regions, and each region has representation on the SPE Board of Directors.  The Europe region added one new section in FY25, Porsgrunn Chapter (Norway). 

This structure allows for members based geographically close to each other the opportunity to network with other members through meetings and events at a local level.  Some sections are larger and some more active than others. 

## **Student Chapters** 

Student Chapters are all affiliated with an academic establishment offering a relevant degree program related to the energy industry. In FY25 there were three new Student Chapter established within our Region. The three student chapters established in FY25 are:  University of Dundee (United Kingdom), Polytechnic University of Tirana Chapter (Albania) and S. Utebayev AOGU (Kazakhstan). Chapters will continue to be established allowing SPE to continue the connection between students and our professional membership to secure the future of the industry workforce. There continues to be a strong growth in Student Chapters. 

SPE Europe will continue to work in the year ahead to identify programmes and projects that meet our mission. The Trustees review new programmes regularly, which they can support, and new projects are regularly assessed for their value. 

## **Achievements and Performance** 

All SPE’s initiatives and activities are directed and organised by its members, with staff support.  All such initiatives and activities are regularly reviewed and assessed by the membership, by use of membership and non-membership surveys.  In addition, rigorous Key Performance Indicators set by the SPE Board of Directors regularly review and measure performance in all areas of the Society’s work, including Publications and Periodicals, Technical Meetings and Conferences, Audit and Administration, Internet-Based Services and Member Services. 

## **Risk Management** 

The Trustees have continued their overview during the year to examine the major strategic, business and operational risks which the charity faces.  Society of Petroleum Engineers Europe and its related entities face multiple risks. These various risks are normal and customary as they relate to Society of Petroleum Engineers Europe’s business. Throughout this timeframe, internal audit (Grant Thornton) has observed, and reports that, the risks listed below are effectively managed in accordance with standard SPE and industry practices. 

## **Strategic Risks (External)** 

- Political unrest – political issues/changes, e.g. Russia, Middle East, Africa 

- Economic environment – ‘Great Recession’, banking issues, stagnant economic growth 

- Social activism – oil spill(s), public perception/image of oil industry 

- Cultural factors – diversity of religion(s), migration, aging of customer base 

9 Society of Petroleum Engineers Europe Limited 



Trustees’ report (continued) For the year ended 31 March 2025 

## **Business Operating and Financial Risks (Internal)** 

- Processes – support SPE’s mission; membership growth, event management 

- Personnel – hiring, retention/attrition, training, growth 

- Compliance – FCPA, UK Bribery Act, Charity Commission for England and Wales, Data Protection and privacy laws 

- Sanctions – observing legal restrictions applicable to designated countries 

- Traditional financial risks – addressed by the internal audit department; risk assessment, audit planning, systems and processes, evaluation of internal control(s) design, substantive testing of all major classes and categories of financial transactions, fraud awareness 


10 Society of Petroleum Engineers Europe Limited 



Trustees’ report (continued) 

For the year ended 31 March 2025 

## **External risks** 

SPE Europe’s management has remained aware of external risks and has taken measures, such as cancelling, moving and rescheduling events that might present security or safety risks to attendees, sponsors and staff.  There are no examples where any known significant risk was ignored. 

The current situation with Russia and Ukraine has had a major effect on the ability to run events in the Russia region. SPE has suspended all events in Russia as of March 2022 and has now liquidated the Russian branch since July 2023. 

## **Internal risks** 

SPE Europe’s management has identified and improved its primary business processes consistently over time. Personnel levels are expanded or reduced as necessary and properly trained.  Management has taken steps to ensure compliance with all applicable regulations promulgated by the governing bodies such as the Charity Commission for England and Wales and has acted proactively to ensure compliance with current regulations.  Management has complied with all legal sanctions imposed by all governments involved.  Financial risks have been assessed and evaluated by SPE’s Internal Audit department.  Management has responded positively to recommendations made by Internal Audit. 

## **Financial risk management objectives and policies** 

The Trustees constantly monitor the risks and uncertainties facing the Group with reference to the exposure on price, exchange rates, credit, liquidity and cash flow risks. They are confident that there are suitable policies in place and there are no material risks and uncertainties which have not been considered. 

## **Reserves policy** 

The SPE Europe board regularly reviews the financial position and performance of the charity and its trading subsidiaries and is confident that, despite the current global downturn in oil prices, the organisation has sufficient resources to continue trading as a going concern for the foreseeable future. 

The primary purpose of the Reserve Fund (the Fund) for the Society of Petroleum Engineers Europe (SPEU) and the aim of the Trustees' reserves policy is to make available a source of revenues to be used by SPEU or other subsidiaries of SPE Inc to: 

- ensure the continuation of normal business activities should SPEU's operating revenues be insufficient to meet expenses during a period of sustained economic distress; and 

- provide risk funds for the development of member service programmes as approved by the SPE Inc Board of Directors; and 

- accommodate minor annual operating surpluses and deficits that may occur from time to time. 

11 Society of Petroleum Engineers Europe Limited 



Trustees’ report (continued) 

For the year ended 31 March 2025 

The corpus of the SPEU Reserve Fund shall be determined by the total resources expended as reported in the SPEU annual consolidated financial statement, as approved by the SPEU Board of Directors, averaged over a two-year period. Funds in the amount of one-half (6 months) the annual total resources expended should be accumulated for use in future capital expenditures and new ventures.  Any amount over the target level for the Reserve Fund balance can be used for any purpose consistent with the Society’s charitable status and objects and as approved by the SPEU Board of Directors. 

||**2025**|**2024 (Restated)**|**2023**|
|---|---|---|---|
|**Unrestricted funds**|**4,526,652**|**6,202,741          5,680,000**|**6,202,741          5,680,000**|
|**Less:** **Tangible fixed assets**|**(0)**|**(116,369)**|**(142,520)**|
|**Level of reserves available for purpose consistent**|**4,526,652**|**6,086,372**|**5,537,480**|
|**with the Society’s charitable status**||||



In line with our reserves policy, the target amount for the SPEU reserves fund for the financial year ending 31 March 2025 is calculated to be equivalent to £4.2m (2024: £3.8m). When compared to the target reserve fund balance of £4.2m, a surplus of £0.3m (2024: £2.3m) remains in the level of reserves available for charitable purposes. 

## **Investment Policy and Performance** 

The charity's policy is to invest in funds whose risk profile is considered to be low to moderate. The aim is to achieve over a period of several years better returns than those achieved by funds with a similar risk profile.  The charity’s portfolio has performed slightly better for the financial year ending 31 March 2025 giving the charity a gain of £108k (2024: Gain of £381k). 

12 Society of Petroleum Engineers Europe Limited 



Trustees’ report (continued) 

For the year ended 31 March 2025 

## **Financial Review** 

Details of the results of activity of the Society of Petroleum Engineers Europe itself are set out in the Statement of Financial Activities. 

During the year the Society of Petroleum Engineers Europe consolidated Group had incoming resources from charitable activities of £1.9m (2024 restated: £3.4m) and investment gains of £108k (2024: Gain of £381k), the Group has expended resources of £5.8m (2024: £2.2m). Taken together with gain on investment assets, there was a loss for the year of £1.7m (2024: Restated Gain of £1.6m). 

This year the Group’s income receivable from the joint ventures amounted to £nil (2024: restated £2.7m ). The partnership with Reed Exhibitions continues to be of critical importance both to SPE Europe and to SPEI’s ability to deliver membership programmes such as the Distinguished Lecturer Programme. 

At the end of the financial year the Society of Petroleum Engineers Europe consolidated Group carries forward net assets of £4,526,652 (2024: restated £6,202,741 ). Listed investments plus cash and bank deposits totalled £5,010,608 (2024: £3,595,362) at the financial year end, comfortably sufficient to meet the Group’s short-term obligations to creditors. 

## **Operations** 


SPE Europe is now conducting its Own charitable trading activity within SPE Europe and no longer is utilizing SPE Ventures Limited for that purpose. During the year ended 31 March 2025, SPE Ventures Limited made an operating loss of £5,318 (2024: loss of £104,569). SPE Europe’s main operations relate to the staging of conferences, workshops and training courses for professionals who are employed in the oil and gas industry. During the year ended 31 March 2025, SPE Trading Limited made an operating loss of £70,362 (2024: restated gain of £2,517,292).  The company’s main operations relate to the staging of joint venture conferences for professionals who are employed in the oil and gas industry. 

The principal source of funding during the year continues to be income from conferences and workshops. In FY25, every effort has been made to keep costs as low as possible to ensure that events are not only relevant to the membership but also affordable. Local advice and recommendations continue to drive the programmes being produced in the emerging regions where events can act as a shop window on the Society and support our growth initiatives in these areas. 

13 Society of Petroleum Engineers Europe Limited 



Trustees’ report (continued) 

For the year ended 31 March 2025 

## **Highlights of this year’s event programme are as follows:** 

The one-day **Norway Subsurface Conference** (BERG) was held for the second time since the pandemic, organized with the support of SPE Bergen Section and hosted by Equinor. The conference saw a record 248 registered delegates, a 23% increase over 2022, representing 75 companies from 14 countries, and achieved an impressive attendee recommendation score of 70. The conference attracted 19 sponsors, including host Equinor. 

As Norway's only dedicated event addressing well, drilling, completion, and reservoir management issues, the conference was a resounding success. It included a welcome speech by the Mayor of Bergen and an opening panel featuring senior leadership from Equinor, AkerBP, SLB, and the Norwegian Petroleum Directorate. The event also featured 12 technical sessions, six e-poster sessions, and a Future Leadership Forum. 

BERG will continue to remain biennial, ensuring balance between BERG and Drilling Conference (DC) conference, which now runs in Stavanger, Norway in odd years. 

**Europe Energy Conference** (EuropEC or EURO) in Torino, Italy, was the first of its kind after the unexpected and short-noticed end of our collaboration with EAGE. We immediately decided to turn EuropEC into our flagship event on Energy Transition, in Europe and probably beyond. The event was not perfect, but the number of attendees (more than 500), given the circumstances, was far beyond expectations. We had attendees from outside Europe, and it is a very good signal for what EuropEC could become - despite numerous challenges, the collaborative effort by the committees, event team, and SPE senior leadership has firmly established the conference on the European map, creating a powerful platform to develop and grow it into a flagship event for energy transition in Europe. The new SPE tagline - Solutions. People. Energy. - reflects how SPE is spearheading the industry’s transformation. 

The **11th SPE Caspian Technical Conference** (CTC), 9th in-person edition, which traditionally rotates between Kazakhstan and Azerbaijan, took a bold evolutionary step by moving from the capital, Astana, to Atyrau - Kazakhstan’s vital oil and gas hub. The event was held in the modern conference facilities of Atyrau Oil and Gas University. 

Hosted by KazMunayGas (KMG), the national oil company of Kazakhstan, and supported by a record 12 other sponsors, the event attracted more than 530 delegates from 115 organizations and 23 countries, setting a new attendance record. 

CTC continues its transformation into a truly pan-regional platform for innovation and collaboration, addressing regional technical challenges and fostering global competitiveness. 

The return of the **SPE/IADC International Drilling Conference & Exhibition** (DC) to Stavanger, once again hosted by Equinor, was an unqualified success. The event attracted more than 930 delegates, marking a 10% increase in attendance. Sponsorship revenue rose by 35.5%, and exhibition revenue grew by 16% compared to the previous edition. 

Building on the learnings from 2023 - when the conference and exhibition were held in adjacent venues - this year’s format brought both under one roof. Two of the four conference rooms were located directly on the exhibition floor, which proved to be a key factor in driving engagement and contributing to the event’s overall success. 

14 Society of Petroleum Engineers Europe Limited 



Trustees’ report (continued) 

For the year ended 31 March 2025 

The event continued to internationalize, with delegates representing 31 countries, a significant rise from 23 in 2023. 

## **Plans for Future Periods** 

The key elements of the Charity’s medium to long-term strategy are: 

- Capability Development 

- Knowledge Transfer 

- Promoting Professional and Social Responsibility 

- Public Education about the Petroleum Engineering profession and industry issues 

SPE’s programmes all strive to meet these strategic priorities fitting with the overall mission. 


15 Society of Petroleum Engineers Europe Limited 



Trustees’ report (continued) 

For the year ended 31 March 2025 

## **Statement of Trustees’ responsibilities** 

The Trustees (who are also Directors of Society of Petroleum Engineers (Europe) Limited for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards). 

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable Company and the Group and of the incoming resources and application of resources, including the income and expenditure, of the charitable Company and the Group for that period. In preparing these financial statements, the Trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgments and estimates that are reasonable and prudent; 

- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable Company will continue in business. 

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable Company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

Insofar as each of the trustees of the charity at the date of approval of this report is aware there is no relevant audit information (information needed by the charity’s auditor in connection with preparing the audit report) of which the charity’s auditor is unaware. Each trustee has taken all of the steps that he/she should have taken as a trustee in order to make himself/herself aware of any relevant audit information and to establish that the charity’s auditor is aware of that information. 

The Report of the Trustees, which includes the Strategic Report and the Directors’ Report required by company law (included therein), was approved by the Board and signed on their behalf by: 

Grigory Zarayskiy **Trustee** 

17/10/25 

16 Society of Petroleum Engineers Europe Limited 



## Independent auditor’s report 

For the year ended 31 March 2025 

## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF SOCIETY OF PETROLEUM ENGINEEERS EUROPE LIMITED** 

## **Opinion** 

We have audited the financial statements of Society of Petroleum Engineers Limited (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Company Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice). 

## **In our opinion the financial statements:** 

- give a true and fair view of the state of the group’s and the parent charitable company’s affairs as at 31 March 2025 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s or parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The other information comprises the information included in the Trustees’ Report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

17 Society of Petroleum Engineers Europe Limited 



## Independent auditor’s report (continued) 

For the year ended 31 March 2025 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Opinions on other matters prescribed by the Companies Act 2006** 

In our opinion, based on the work undertaken in the course of the audit: 

- the information given in the Trustees’ Report, which includes the Directors’ Report and the Strategic Report  prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the Directors’ Report and the Strategic Report included within the Trustees’ Report have been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report or the Strategic Report included within the Trustees’ Report. 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: 

- adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or 

- the parent charitable company financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees’ remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the Statement of Trustees’ responsibilities set out on page 16 the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the  trustees are responsible for assessing the group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so. 

## **Auditor’s responsibilities for the audit of the financial statements** 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise 

18 Society of Petroleum Engineers Europe Limited 



Independent auditor’s report (continued) 

For the year ended 31 March 2025 

from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

## **The extent to which the audit was considered capable of detecting irregularities, including fraud** 

Irregularities are instances of non-compliance with laws and regulations.  The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit. 

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. 

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit engagement team: 

- obtained an understanding of the nature of the sector, including the legal and regulatory framework that the group and parent charitable company operates in and how the group and parent charitable company are complying with the legal and regulatory framework; 

- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud; 

- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. 

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011, the parent charitable company’s governing document and Charities (Protection and Social Investment) Act 2016. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents, inspecting correspondence with local tax authorities and evaluating advice received from internal/external advisors. 

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to data protection.  We performed audit procedures to inquire of management whether the group is in compliance with these law and regulations and inspected correspondence with regulatory authorities where applicable. 

The group audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud.  Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into 

19 Society of Petroleum Engineers Europe Limited 



## Independent auditor’s report (continued) 

For the year ended 31 March 2025 

outside the normal course of business and challenging judgments and estimates and testing income through tests of detail, including testing post year end receipts. 

A further description of our responsibilities for the audit of the financial statements is provided on the Financial Reporting Council’s website at http://www.frc.org.uk/auditorsresponsibilities.  This description forms part of our auditor’s report. 

## **Use of our report** 

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006.  Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. 

## RSA Uk 

**NICHOLAS SLADDEN (Senior Statutory Auditor)** 

**For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants 25 Farringdon Street London EC4A 4AB** 

17/10/25 

20 Society of Petroleum Engineers Europe Limited 



## Consolidated statement of financial activities 

(Incorporating an income and expenditure account) 

For the year ended 31 March 2025 

|**Notes**<br>**Income from**<br>**Charitable activities**<br>**3**<br>**Other Income**<br>**Income from joint ventures**<br>**8**<br>Investment income – Bank interest, dividends and<br>interest<br>**Total**<br>**Expenditure on:**<br>**Raising funds**<br>Contributions<br>Management fee<br>**Charitable activities**<br>**5**<br>**Total**<br>**Gain on investments**<br>**Net (Expenditure)/Income**<br>**Reconciliation of unrestricted funds**<br>Total unrestricted funds brought forward<br>**Total unrestricted funds carried forward**|**2025**<br>**£**<br>**1,898,752**<br>**2,080,589**<br>**-**<br>**215**<br>**3,979,556**<br>**3,000,000**<br>**450,957**<br>**2,312,248**<br>**5,763,205**<br>**107,560**<br>**(1,676,089)**<br>**6,202,741**<br>**4,526,652**|2024 Restated<br>£<br>685,028<br>-<br>2,709,006<br>19|
|---|---|---|
|||3,394,053|
|||-<br>59,171<br>2,126,918|
|||2,186,089|
|||380,928|
|||1,588,892<br>4,613,849|
|||6,202,741|



The accompanying accounting policies and notes form an integral part of the financial statements 

21 Society of Petroleum Engineers Europe Limited 



## Consolidated balance sheet 

for the year ended 31 March 2025 Registered number: 2778741 

|Consolidated balance sheet<br>for the year ended 31 March 2025<br>Registered number: 2778741||||||
|---|---|---|---|---|---|
|||||2024|2024|
||**Notes**|**2025**|**2025**|Restated|Restated|
|||**£**|**£**|**£**|**£**|
|**Fixed assets**||||||
|Tangible assets|**10**||**-**||116,369|
|Fixed asset investments|**11**||**3,361,265**||3,253,706|
||||**3,361,265**||3,370,075|
|**Current assets**||||||
|Debtors|**12**|**555,951**||3,411,020||
|Cash at bank and in hand||**1,660,706**||341,656||
|||**2,216,657**||3,752,676||
|**Creditors:**amounts falling due||||||
|within one year|**13**|**(1,050,270)**||(919,010)||
|**Net current assets**|||**1,166,387**||2,833,666|
|**Net assets**|||**4,527,652 **||6,203,741|
|**Capital and funds**||||||
|Called-up share capital|**14**||**1,000**||1,000|
|_Unrestricted funds_||||||
|General fund|**15**||**4,526,652**||6,202,741|
|Designated fund|**15**||**-**||-|
|**Total capital and funds**|||**4,527,652**||6,203,741|



> The financial statements were approved by the board and authorised for issue on                                           . 17/10/25 

ak Grigory Zarayskiy **Trustee** 

The accompanying accounting policies and notes form an integral part of the financial statements 

22 Society of Petroleum Engineers Europe Limited 



## Company balance sheet 

for the year ended 31 March 2025 

Registered number: 2778741 

|||**2025**|2024|
|---|---|---|---|
||**Notes**|||
|||**£**|£|
|**Fixed assets**||||
|Investment in SPE Venture and SPE Trading||**2,060,022**|-|
|Tangible assets|**10**|**-**|116,369|
|Investments|**11**|**3,361,265**|3,253,706|
|||**5,421,287**|3,370,075|
|**Current assets**||||
|Debtors|**12**|**777,760**|2,835,036|
|Cash at bank and in hand||**1,117,309**|304,686|
|||**1,895,069**|3,139,722|
|**Creditors:**amounts falling due within one||||
|year|**13**|**(1,017,389)**|(859,204)|
|**Net current assets**||**877,680**|2,280,518|
|**Net assets**||**6,298,967**|5,650,593|
|**Capital and funds**||||
|Called-up equity share capital|**14**|**1,000**|1,000|
|_Unrestricted funds_||||
|General fund|**15**|**6,297,967**|5,649,593|
|Designated fund|**15**|**-**|-|
|**Total capital and funds**||**6,298,967 **|5,650,593|



No separate statement of financial activities is presented for Society of Petroleum Engineers Europe Limited as provided by Section 408 of the Companies Act 2006.  The loss for the year for Society of Petroleum Engineers Europe Limited for Companies Act 2006 purposes was £351,629 (2024: loss £823,829). 

> The financial statements were approved by the board and authorised for issue on                                               . 17/10/25 

## ak 

Grigory Zarayskiy 

## **Trustee** 

The accompanying accounting policies and notes form an integral part of the financial statements. 

23 Society of Petroleum Engineers Europe Limited 



## Consolidated cash flow statement 

for the year ended 31 March 2025 Registered number: 2778741 

|||**2025**|2024 Restated|
|---|---|---|---|
||**Notes**|||
|||**£**|£|
|**Cash flows from operating activities:**||||
|**Net cash used in operating activities – 2024 Restated**|(a)|**1,319,050**|(1,470,052)|
|**Cash flows from investing activities:**||||
|Dividends||**-**|-|
|Purchase of property, plant and equipment||**-**|-|
|Proceeds from sale of investments||**-**|1,250,000|
|Purchase of investments||**-**|-|
|**Net cash provided by/(used in) investing activities**||**-**|1,250,000|
|**Change in cash and cash equivalents in the reporting**||||
|**period**||**-**|(220,052)|
|**Cash and cash equivalents at the beginning of the**<br>**reporting period**||**341,656**|561,708|
|**Cash and cash equivalents at the end of the reporting**||||
|**period**||**1,660,706**|341,656|
|**Note (a) – Reconciliation of cash flows from operating activities**||||
||||2024|
|||**2025**|Restated|
|||**£**|£|
|**Net expenditure for the reporting period**||**(1,676,089)**|1,588,893|
|**Net cash used in operating activities**||||
|**Adjustments for:**||||
|Depreciation charges||**116,369**|26,151|
|Revaluation of Assets||**-**|-|
|(Gains)/Losses on investments||**(107,560)**|(380,928)|
|Dividends, interest and rent from investments||**-**|-|
|(Increase)/decrease in debtors||**2,855,069**|(2,818,940)|
|Increase/(decrease) in creditors||**131,261**|114,773|
|**Net cash provided by (used in) operating activities**||**1,319,050**|(1,470,052)|
|**Analysis of cash and cash equivalents**||||
|Cash in hand||**1,660,706**|341,656|
|Notice deposits (less than 3 months)||**-**|-|
|**Cash and cash equivalents**||**1,660,706**|341,656|



24 Society of Petroleum Engineers Europe Limited 



## Notes to the financial statements 

for the year ended 31 March 2024 

## **1.   Accounting policies** 

A summary of the Group's principal accounting policies, all of which have been applied consistently throughout the year and the preceding year, is set out below. 

## _a) Basis of preparation_ 

The financial statements have been prepared in accordance with the Charities SORP (FRS102) (second edition effective 1 January 2019) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charities Act 2011 and UK Generally Accepted Practice. The presentation currency of these financial statements is sterling and balances are rounded to the nearest whole £. 

Society of Petroleum Engineers (Europe) Limited meets the definition of a public benefit entity under FRS 102. 

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. 

The individual entity accounts of Society of Petroleum Engineers Europe Limited have taken advantage of the disclosure exemption under FRS 102 to separately disclose categories of financial instruments and items of income, expenses, prepare cash flow statements, gains or losses relating to instruments as these have been presented on a Group basis in the notes to the accounts. 

Income received in foreign currency is translated at the month end exchange rate to GBP. 

## _b) Going concern_ 

As highlighted in the report of the Trustees, having assessed the Group’s financial position, its plans for the foreseeable future and the risks to which it is exposed, the Trustees are satisfied that it remains appropriate to prepare the financial statements on the going concern basis. 

The directors have reviewed the Group and Company’s financial position, its plans for the foreseeable future and the risks to which it is exposed.  Taking into account future cash flows for the Company and the group support that is available to the Group from the ultimate parent entity, SPE Inc., there is little risk that the Group will not be able to continue as a going concern.  On the above basis, the directors remain satisfied that it continues to be appropriate to prepare the financial statements on the going concern basis. 

The Group continues to expect challenges going forward as the industry is still in the recovery phase from the impact of the pandemic.   The Group will continue to review planning progress for upcoming events and future events. The Group is continually managing its operating expenditures and reserves effectively to safeguard the Group’s ability to continue as a going concern. 

25 Society of Petroleum Engineers Europe Limited 



## Notes to the financial statements (continued) 

for the year ended 31 March 2025 

## _c) Basis of consolidation_ 

The Group financial statements consolidate the accounts of Society of Petroleum Engineers Europe Limited and all its subsidiary undertakings up to 31 March 2025.  In the Company’s accounts, investments in subsidiary undertakings are stated at cost, less amounts written off. 

The Group financial statements incorporate joint ventures under the equity method of accounting, supplemented by additional disclosures for joint ventures. 

The Group’s results for the year are shown on page 21. 

## _d) Fund accounting_ 

Unrestricted funds comprise general funds where monies are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and designated funds where monies are unrestricted, but they have been designated by the Trustees for a specific purpose. 

## _e) Income_ 

## _Investment income_ 

Investment income relates to dividends and interest realised on investments and bank interest receivable.  Investment income is accounted for on the accrual basis, other than dividend income, which is recognised on receipt. 

## _Charitable activities_ 

Income from charitable activities relates to conference income and represents amounts receivable (exclusive of VAT) from visitors to, and exhibitors at, petroleum conferences organised by the Group, together with donations from sponsor companies and other contributions. Conference and associated income is only recognised at the point at which the event is held and is deferred for events which occur in the next accounting period. 

## _f) Expenditure_ 

## _Raising Funds_ 

Fundraising costs relate to management fees paid during the year.  These costs are accounted for on an accruals basis. 

26 Society of Petroleum Engineers Europe Limited 



## Notes to the financial statements (continued) 

for the year ended 31 March 2025 

## _Charitable activities_ 

Charitable activities comprise expenditure, including staff costs, directly attributable to the activity.  Where costs cannot be directly attributed, they have been allocated to activities on a basis consistent with the use of resources.   These costs are accounted for on the accrual basis. 

## _Governance costs_ 

Governance costs relate to expenditure, including Board expenses, attributable to the costs of running the Board.  These costs are accounted for on an accrual basis. 

## _Support Costs_ 

Support costs are broken down into two difference categories, Support Costs-Management and Support Costs-Other. Support costs-Management covers Overhead expenses adjusted downward for management time for Due and Member Programs and Governance Costs.  Support costs – Other covers Operating expenses plus Audit, Legal and Board Expenses. 

## _g) Tangible fixed assets_ 

Tangible fixed assets are shown at original historical cost.  Depreciation is provided on a straight-line basis on all tangible fixed assets at rates designed to write off costs, less estimated residual values, over their expected useful lives, as follows: 

Computer equipment - 3 to 5 years 

Fixtures, fittings and equipment   - 5 to 10 years 

## _h) Investments_ 

Investments are stated at market value.  Initial recognition of investments is at cost.  It is the Group’s policy to keep valuations up to date such that when investments are sold, there is no gain or loss arising.  As a result, the Statement of Financial Activities includes those unrealised gains and losses arising from the revaluation of the investment portfolio throughout the year, and realised gains and losses of investments disposed during the year.  Disclosure is made in note 10 of the difference between the historical cost and the sale proceeds of the investments sold during the year. 

## _i) Joint ventures_ 

An entity is treated as a joint venture where the Group holds a long term interest and shares control under a contractual agreement. 

In the Group accounts, interests in joint ventures are accounted for using the equity method of accounting. The consolidated statement of financial activities indicates the Group’s share of the net interest in the joint ventures. In the consolidated balance sheet notes, amounts owing from the joint venture are disclosed. 

## _j) Operating lease commitments_ 

Rentals paid under operating leases are charged on a straight-line basis over the lease term. 

27 Society of Petroleum Engineers Europe Limited 



## Notes to the financial statements (continued) 

for the year ended 31 March 2025 

## _k) Foreign currency_ 

In the accounts of individual undertakings, transactions denominated in foreign currencies are recorded in GBP at actual exchange rates as of the date of the transaction.  Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.  Any gain or loss arising from a change in exchange rates subsequent to the date of the transaction is included as an exchange gain or loss in the statement of financial activities. 

The results of overseas operations are translated at the average rate of exchange during the period.  Balance sheet accounts are translated at the rate ruling at the balance sheet date. 

## _l) Financial instruments_ 

The Group has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost using the effective interest method. Financial assets held at amortised cost comprise cash and bank and in hand, together with trade and other debtors. Financial liabilities held at amortised cost comprise bank loans and overdrafts, trade, other creditors and accruals. 

Investments, including bonds held as part of an investment portfolio are held at fair value at the Balance Sheet date, with gains and losses being recognised within income and expenditure. Investments in subsidiary undertakings are held at cost less impairment. 

## _m) Pension costs_ 

The Group provides pensions to all employees through a funded defined contribution scheme.  The amount expended in the statement of financial activities is the contributions payable in the year. 

## _n) Company information_ 

The charity is a private limited company, registered by shares (registered number 2778741), which is incorporated and domiciled in the England and Wales. The address of the registered office 1 The Sanctuary Way, Westminster London SW1P 3JT. 

## _o) Critical accounting judgements and key sources of estimation uncertainty_ 

In the application of the Group’s accounting policies, which are described in note 1, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent 

28 Society of Petroleum Engineers Europe Limited 



## Notes to the financial statements (continued) 

for the year ended 31 March 2025 

from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future periods. 

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. 

## **2. Change in Accounting Estimates and Prior Period** 

It was noted during the year ending 31 March 2025 that £164k of management charges in relation to the 2023 Offshore Europe event had not been accrued in the 31 March 2024 accounts.  As such the comparatives have been restated as at 31 March 2024 to correct this as follows: 

|Income from<br>Charitable activities<br>Income from joint ventures<br>Investment income – Bank interest, dividends<br>and interest<br>Increase/(decrease) in profit for this financial<br>year<br>Current Assets<br>Debtors<br>Cash at bank and in hand<br>Creditors: amounts falling due within one year<br>Net current assets / (liabilities)|**2024**<br>**(Original)**<br>Adjustment<br>2024<br>(Restated)<br>**£**<br>£<br>£<br>**685,028**<br>-<br>685,028<br>**2,544,553**<br>164,453<br>2,709,006<br>**19**<br>-<br>19<br>**3,229,600**<br>164,453<br>3,394,053<br>**3,246,568**<br>164,453<br>3,411,021<br>**341,656**<br>-<br>341,656|
|---|---|
||**3,588,224**<br>164,453<br>3,752,677|
||**(919,009)**<br>-<br>(919,009)<br>**2,669,215**<br>164,453<br>2,833,668|



29 Society of Petroleum Engineers Europe Limited 



Notes to the financial statements (continued) 

for the year ended 31 March 2025 

## **3. Income from charitable activities** 

|**3. Income from charitable activities**||||
|---|---|---|---|
|Charitable activities<br>Contribution income<br>Total Income<br>The geographic split of the turnover is as follows:<br>**Geographic Region**<br>UK<br>Europe<br>Caspian<br>United States<br>**4. Net expenditure for the year**<br>Net expenditure for the year is stated after charging:<br>Staff costs (see note 6)<br>Depreciation<br>Rent<br>Auditor’s remuneration<br>Non-audit services (tax compliance)||**Total**<br>**2025**<br>**£**<br>**1,898,752**<br>**2,080,589**|2024 Restated<br>£<br>685,028<br>-|
|||**3,979,341**|685,028|
|||**2025**<br>**£**<br>**87,978**<br>**1,471,045**<br>**339,729**<br>**2,080,589**<br>**3,979,341**<br>**2025**<br>**£**<br>**463,460**<br>**116,369**<br>**40,420**<br>**66,743**<br>**6,500**<br>**693,492**|2024 Restated<br>£<br>78,133<br>221,426<br>385,469<br>-<br>685,028<br>2024<br>£<br>1,096,723<br>26,151<br>195,022<br>64,495<br>8,250|
|||||
|||||
||||1,390,641|



30 Society of Petroleum Engineers Europe Limited 



Notes to the financial statements (continued) 

for the year ended 31 March 2025 

## **5. Expenditure in respect of charitable activities** 

||**Activities**||**Support**|**Total**|
|---|---|---|---|---|
||**undertaken**|**Support costs**|**costs**||
|**Activity**|**directly**|**management**|**other**|**2025**|
|Conferences|**1,348,097**|**600,539**|**363,612**|**2,312,248**|
|Members’|||||
|Programmes|**-**|**-**|**-**|**-**|
||**1,348,097**|**600,539**|**363,612**|**2,312,248**|
||Activities||Support||
||undertaken|Support costs|costs|Total|
|Activity|directly|management|other|2024|
|Conferences|388,591|1,181,438|511,653|2,081,682|
|Members’|||||
|Programmes|-|20,306|-|20,306|
||388,591|1,201,744|511,653|2,101,988|



Support costs are analysed as follows: 

||**2025**|2024|
|---|---|---|
||**£**|£|
|**Support costs:**|||
|Staff costs|**508,638**|1,096,388|
|Other operating expenses|**40,948**|57,843|
|Governance costs|**91,901**|105,267|
|Administration costs|**322,664**|453,899|
||**964,151**|1,713,397|
|**6. Governance costs**|||
|Governance costs are stated in respect of:|||
||**2025**|2024|
||**£**|£|
|External audit and taxation services|**80,293**|72,745|
|Other financial services and consultancy|**11,608**|32,521|
|Management salaries|**33,318**|47,513|



## **6. Governance costs** 

Governance costs are stated in respect of: 

31 Society of Petroleum Engineers Europe Limited 



## Notes to the financial statements (continued) 

for the year ended 31 March 2025 

**125,219** 152,779 

## **7. Staff costs** 

|Wages and salaries<br>Social security costs<br>Other pension costs (note 14c)|**2025**<br>**£**<br>**378,378**<br>**45,076**<br>**40,006**<br>**463,460**|2024<br>£<br>960,626<br>94,741<br>41,356|
|---|---|---|
|||1,096,723|



Staff costs exclude the salaries for 7 individuals totalling £402,159 (2024: £456,656) who are employed by the Group but work primarily for Society of Petroleum Engineers Inc and whose time has been re-charged to that entity. 

The average number of employees, including Directors (who are Trustees), employed by the Group during the year was: 

|Members programme<br>Conference organization<br>Support<br>Sales & Marketing<br>Management and administration|**2025**<br>**Number**<br>**2**<br>**3**<br>**1**<br>**1**<br>**-**<br>**7**|2024<br>Number<br>3<br>7<br>3<br>3<br>5|
|---|---|---|
|||21|



The number of employees earning over £60,000 during the year, excluding pension contributions, was as follows _:_ 

||||**2025**|2024|
|---|---|---|---|---|
||||**Number**|Number|
|Income band £110,000|- £|119,999|**1**|-|
|Income band £80,000|- £|89,999|**1**|1|
|Income band £70,000|- £|79,999|**-**|1|



Pension contributions to money purchasing pension scheme in respect of the above employees during the year were £Nil (2024: £8,644). 

In addition to the Trustees, Key management personnel of the charity comprise the Human Resources Director, the Events Director for Europe, Caspian and Sub-Saharan Africa, the Senir Manager for Sales and Business 

32 Society of Petroleum Engineers Europe Limited 



## Notes to the financial statements (continued) 

for the year ended 31 March 2025 

Development and the Senior Finance Manager.  The cost for the Human Resources Director is re-charged to Society of Petroleum Inc. 

The total employee benefits of the key management personnel of the charity were £401,103 (2024: £360,240). 

## _Trustees' remuneration_ 

The following Trustees received the following remuneration as employees of SPE Europe and/or the parent entity SPE Inc during the year: 

|SPE Inc during the year:||||
|---|---|---|---|
||**Basic**|**Benefits**|**Total**|
|John Joseph Healy|**65,713**|**6,408**|**72,121**|
|Niki Thomas|**74,819**|**4,591**|**79,410**|
|Grigory Zarayskiy|**103,035**|**7,504 **|**110,539**|
|Total|**243,567 **|**18,503**|**262,070**|



None of the Trustees were remunerated for their services as Trustees. The Trustees expenses for the year amounted to £Nil (2024: £Nil). 

## **8.   Income from joint venture** 

The geographical analysis of the share of the Group’s profits from the joint ventures is as follows: 

|**8.   Income from joint venture**<br>The geographical analysis of the share of the Group’s profits from the joint ventures is as follows:|The geographical analysis of the share of the Group’s profits from the joint ventures is as follows:||
|---|---|---|
||**2025**|2024 Restated|
|United Kingdom|**-**|2,709,006|
||**-**|2,709,006|



## **9. Taxation** 

Society of Petroleum Engineers Europe Limited is a registered charity and is not subject to UK corporation tax on profits from its charitable activities.  The subsidiaries are not charities and are therefore subject to corporation tax on their profits. 

33 Society of Petroleum Engineers Europe Limited 



## Notes to the financial statements (continued) 

for the year ended 31 March 2025 

## **10. Tangible fixed assets** 

|**Computer**<br>**equipment**<br>**Group and Company**<br>£<br>**Cost**<br>At beginning of year<br>**222,101**<br>At end of year<br>**222,101**<br>**Depreciation**<br>At beginning of year<br>**208,672**<br>Charge for the year<br>**13,429**<br>At end of year<br>**(222,101)**<br>**Net book value**<br>At 1 April 2024<br>**13,429**<br>**At 31 March 2025**<br>**-**<br>PE Europe closed their physical office location during fiscal year 2025.<br>nd all remaining assets were written off.<br>**1.   Fixed asset investments**<br>**Group**<br>**2025**<br>2024<br>**£**<br>£<br>Listed investments<br>**3,361,265**<br>3,253,706<br>Subsidiary<br>undertakings<br>**-**<br>-<br>**3,361,265**<br>3,253,706|**Computer**<br>**equipment**<br>£<br>**222,101**|**Fixtures, fittings**<br>**and equipment**<br>£<br>**487,622**|
|---|---|---|



SPE Europe closed their physical office location during fiscal year 2025.   All assets were removed from the building, and all remaining assets were written off. 

## **11.   Fixed asset investments** 

The Group has a 50% interest in the Offshore Europe Partnership. The E&P Events Partnership was dissolved in January 2024.  The Offshore Europe Partnership holds a biennial conferences for petroleum engineers. Audited accounts are prepared for the Offshore Europe Partnership every two years. The last Offshore Europe Partnership 

34 Society of Petroleum Engineers Europe Limited 



## Notes to the financial statements (continued) 

for the year ended 31 March 2025 

conference was held during the year ending 31 December 2023.  The next Offshore Europe Partnership conference will be held in September 2025. 

The Group is entitled to draw the whole of its share of the profit from the Offshore Europe Partnership. The Group has received, as part of its entitlement under the Offshore Europe Partnership agreement, an amount of £nil (2024: £2,709,006). 

|The Group’s aggregate interests in the joint ventures are as follows;|**2025**|2024 Restated|
|---|---|---|
||£|£|
|Turnover|**-**|2,709,006|
|Tangible fixed assets|||
|Current assets|**-**|2,763,567|
|Liabilities due within one year|**-**|(54,561)|
|Net assets|**-**|2,709,006|



Included in incoming resources from charitable activities, in addition to conference programming income receivable, there are cost reimbursements, sponsorship and management fees from the joint venture amounting to £Nil (2024 £2,706,009). 

## _Principal Group investments_ 

The Company has two wholly owned subsidiary undertakings at the year-end: SPE Trading Limited and SPE Ventures Limited, both of which are registered in England and Wales (see note 16). 

35 Society of Petroleum Engineers Europe Limited 



## Notes to the financial statements (continued) 

for the year ended 31 March 2025 

## **11.  Fixed asset investments** 

_Listed investments_ 

|**11.  Fixed asset investments**<br>_Listed investments_|||
|---|---|---|
||**2025**|2024|
||**£**|£|
|Market value as at beginning of year|**3,253,706**|4,122,778|
|Disposal proceeds|**-**|(1,250,000)|
|Net investment gain/(loss) in year|**107,560**|380,928|
|Market value at end of year|**3,361,266**|3,253,706|
|Historical cost at end of year|**2,627,941**|2,627,941|
|Unrealised gain at end of year|**733,325**|625,765|
|Realised gain on historical cost basis|**-**|137,066|



Listed investments comprise investments listed on the UK Stock Exchange. 

## **12.  Debtors: Amounts falling due within one year** 

||Group|Group|Group|**Company**|**Company**||
|---|---|---|---|---|---|---|
||**2025**||2024 Restated|**2025**|**2025**|2024|
||**£**||£|**£**|**£**|£|
|Trade debtors|**329,390**||387,400|**329,390**|**329,390**|387,400|
|Amount owed by JV|**-**||164,452|**-**|**-**|-|
|Amount owed by related|||||||
|entities|**96,209**||58,459|**96,209**|**96,209**|58,459|
|Amounts owed by|||||||
|subsidiary undertakings|**70**||-|**224,056**|**224,056**|2,116,342|
|Other debtors|**-**||-|**-**|**-**|-|
|Prepayments and|||||||
|accrued income|**130,282**||2,800,709|**128,105**|**128,105**|272,836|
||**555,951**||3,411,020|**777,760**|**777,760**|2,835,037|



36 Society of Petroleum Engineers Europe Limited 



## Notes to the financial Statements (continued) 

for the year ended 31 March 2025 

## **13. Creditors: amounts falling due within one year** 

||**Group**|**Group**||**Company**|**Company**||
|---|---|---|---|---|---|---|
||**2025**||2024|**2025**||2024|
||**£**||£|**£**||£|
|Trade Creditors|**262,603**||193,486|**262,603**||187,026|
|Amounts owed to related group|||||||
|entities|**313.533**||45,880|**299,180**||12,046|
|Amount owed to subsidiary|||||||
|undertakings|**1,226**||-|**1,226**||-|
|Taxation and social security|**85,068**||67,374|**85,068**||77,739|
|Other Creditors|**-**||-|**-**||-|
|Accruals and deferred income|**387,840**||612,269|**369,312**||582,393|
||**1,050,270**||919,009|**1,017,389**||859,204|



## **Deferred Income** 

Income deferred in the current year relates to advanced conference registrations, exhibition and sponsorship income for conferences taking place after 31 March 2025. 

||**Group**|**Company**|
|---|---|---|
||**£**|**£**|
|Balance as at 1 April 2024|**285,412**|**285,412**|
|Amount released to incoming resources|**(29,921)**|**(29,921)**|
|Amount deferred in year|**255,491**|**255,491**|
|Balance as at 31 March 2025|**255,491**|**255,491**|



37 Society of Petroleum Engineers Europe Limited 



## Notes to the financial Statements (continued) 

for the year ended 31 March 2025 

## **14. Called-up equity share capital** 

|**14. Called-up equity share capital**|||
|---|---|---|
||**2025**|2024|
|Group and Company|**£**|£|
|_Allotted, called-up and fully-paid_|||
|1,000 ordinary shares of £1 each|**1,000**|1,000|



## **15. Reconciliation of movements in capital and funds** 

||||**Net**|||
|---|---|---|---|---|---|
||Balance 1||**gains/(losses)**||**Balance 31**|
||April 2024|**Income**|**on investment**|**Expenditure**|**March 2025**|
|**2025**||||||
|**Group**|£|**£**|**£**|**£**|**£**|
|**Called-up equity share**||||||
|**capital**|**1,000**|**-**|**-**|**-**|**1,000**|
|**Unrestricted general funds**|**7,202,743**|**3,979,556**|**107,560**|**(5,763,205)**|**5,526,654**|
|**SPE Members Program fund**|**(1,000,000)**|**-**|**-**|**-**|**(1,000,000)**|
|**Total capital and funds**|**6,203,743**|**3,979,556**|**107,560**|**(5,763,205)**|**4,527,654**|
|**Company**|**£**|**£**|**£**|**£**|**£**|
|**Called-up equity share**||||||
|**capital**|**1,000**|**-**|**-**|**-**|**1,000**|
|**Dividend from SPE Trading**|**-**|**1,000,000**|**-**|**-**|**1,000,000**|
|**Unrestricted general funds**|**5,649,597**|**5,271,221**|**107,560**|**(5,730,411)**|**5,297,967**|
|**Total capital and funds**|**5,650,597**|**6,271,221**|**107,560**|**(5,730,411)**|**6,298,967**|
||||**Net**|||
||**Balance 1**||**gains/(losses)**||**Balance 31**|
||**April 2023**|**Income**|**on investment**|**Expenditure**|**March 2024**|
|**2024 Restated**||||||
|**Group**|**£**|**£**|**£**|**£**|**£**|
|Called-up equity share capital|1,000|**-**|-|-|**1,000**|
|Unrestricted general funds|5,613,849|3,394,053|380,928|(2,186,087)|**7,202,743**|
|SPE Members Program fund|(1,000,000)|-|-|-|**(1,000,000)**|
|Total capital and funds|4,614,849|3,394,053|380,928|(2,186,087)|**6,203,741**|
|**Company**|£|£|£|£|**£**|
|Called-up equity share capital|1,000|**-**|-|-|**1,000**|
|Unrestricted general funds|6,473,426|829,518|380,928|(2,034,275)|**5,649,597**|
|Total capital and funds|6,474,426|829,518|380,928|(2,034,275)|**5,650,597 **|



38 Society of Petroleum Engineers Europe Limited 



## Notes to the financial Statements (continued) 

for the year ended 31 March 2025 

The Members Programme fund comprises funds designated by the Trustees to support the Members Programme, both of which are administered by the Company in line with the funding programme set out in the 2023 strategic plan. The level of funding made available to these programmes will be reviewed annually by the Board. 

Transfers represent the intercompany funds transfer between SPE Europe Limited and its subsidiaries, SPE Trading Limited and SPE Ventures Limited. 

## **16.  Guarantees and financial commitments** 

## _a. Capital commitments_ 

At the end of the year, there were no capital commitments (2024: £Nil). 

## _b. Lease commitments_ 

At 31 March 2025 the Group and Company had aggregate minimum lease payment commitments under noncancellable operating leases as follows: 

||**Group**||**Company**|||
|---|---|---|---|---|---|
||**2025**|2024|**2025**||2024|
||**£**|£|**£**||£|
|Operating leases for land and||||||
|buildings, which expire:||||||
|In less than one year|**-**|52,370||**-**|**52,370**|
|one to 5 years||||||
||**-**|-||**-**|**-**|



## _c. Pension arrangements_ 

The Group provides defined contribution pension schemes for all employees. 

The amount charged to the statement of financial activities is the contributions payable in the year and amounted to £40,006 (2024: £41,355). 

## _d. Contingent liabilities_ 

As a partner in Offshore Europe Partnership and E & P Events LLP, SPE Trading Limited is jointly and severally liable, without limit, for the debts of the partnerships.  In the event that either partnership fails to pay any debt for which it has primary liability or is unable to pay amounts due, creditors may look directly to SPE Trading Limited for settlement of their debts or obligations. 

39 Society of Petroleum Engineers Europe Limited 



## Notes to the financial Statements (continued) 

for the year ended 31 March 2025 

## **17. Subsidiary undertakings** 

|Turnover<br>Income from joint venture<br>Costs<br>Net (Loss)/Gain<br>Interest receivable<br>(Loss)/Profit before tax<br>Tax charge<br>(Loss)/Profit before tax<br>Retained earnings at start of year<br>Gift Aid payment<br>Investment from SPE Europe Limited<br>Retained earnings at end of year<br>Net (Liabilities)/Assets|**SPE Ventures**<br>**Limited**<br>**£**<br>-<br>-<br>(5,318)<br>(5,318)<br>-<br>(5,318)<br>-<br>(5,318)<br>(2,057,475)<br>-<br>2,060,018<br>(2,775)<br>(2,773)|**SPE Trading**<br>**Limited**<br>**£**<br>-<br>-<br>(70,362)|
|---|---|---|
|||(70,362)<br>-|
|||(70,362)<br>-|
|||(70,362)|
|||2,610,620|
|||(2,248,780)|
|||-<br>291,478|
|||291,480|



The Company owns the whole of the issued ordinary share capital of SPE Ventures Limited and SPE Trading Limited, both companies being registered in England (company no. 02538982 and 02365974) and sharing the same registered office as SPE Europe (see note 1). 

The Group conducts its trading activities through its, SPE Europe Limited and SPE Trading Limited. These companies organise and hold workshops, training courses and conferences to further the aims of the charitable organisation.  SPE Ventures Limited will be dissolved in the future once all debt obligations have been paid. 

The value of the parent Company’s investment in SPE Ventures is £2,060,020 and in SPE Trading is £2.  SPE Ventures Limited and SPE Trading Limited are registered at the Company's offices at 1 The Sanctuary, Westminster, London SW1P 3JT. 

40 Society of Petroleum Engineers Europe Limited 



Notes to the financial Statements (continued) 

for the year ended 31 March 2025 

## **18. Ultimate parent undertaking** 

The ultimate parent company and controlling related party is Society of Petroleum Engineers (SPE) Inc, registered at 222 Palisades Creek Drive, Richardson, Texas 75080 USA. 

At year end, the Group had the following related party transactions and year end balances with Group entities: 

||**Transactions**|**Transactions**|**Receivable**||
|---|---|---|---|---|
||**charged to**|**charged from**|**from related**||
||**related parties**|**related parties**|**party at year**|**Payable to related**|
||**in the year**|**in the year**|**end**|**party at year end**|
||**£**|**£**|**£**|**£**|
|**2025**|||||
|SPE International|-|(66,912)|95,251|(7.889)|
|SPE Canada|-|-|-|-|
|SPE Foundation|-|-|-|-|
|SPE Middle East|-|(382,819)|958|(305,644)|
|SPE Asia Pacific|-|(1,226)|-|(1,226)|
|SPE sections and|||||
|chapters|-|-|-|-|
||-|(450,957)|96,209|(314,759)|
|**2024**|||||
|SPE International|-|(26,310)|58,459|(33,834)|
|SPE Canada|-|-|-|-|
|SPE Foundation|-|-|-|-|
|SPE Middle East|-|(1,380)|-|(12,046)|
|SPE Asia Pacific|-|-|-|-|
|SPE sections and|||||
|chapters|-|-|-|-|
||-|(27,690)|58,459|(45,880)|



## **19.    Financial instruments** 

The charity held assets at fair value through income and expenditure of £5,421,287 (2024: £3,253,706). Movements in the year through the statement of financial activities comprised income of £Nil (2024: £Nil) and gain of £107,560 (2024: gain of £380,928). 

41 Society of Petroleum Engineers Europe Limited